This article is from the Australian Property Journal archive
THE clearance rate rebound was short lived, last weekend rates fell below 50%.
Listings and activity were lower due to long weekend in the ACT, South Australia, Tasmania and Victoria.
According to Domain, there were 823 listings across the nation, so far 476 auction results were reported and 297 properties sold, resulting in a preliminary clearance rate of 51.2%. Sales totalled $223.3 million and the median house and unit prices were $1,025,500 and $847,500 respectively.
In the previous weekend, there were 1,701 listings, 1,427 auctions and 751 homes sold under the hammer, representing a 48% clearance rate. Volumes totalled $524.5 million and the median house and unit prices $1,017,500 and $672,500.
In the same weekend, the clearance rate was 57.2% from 1,282 listings, 1,029 auctions and 665 sales, totalling $749.1 million and the median house and unit prices were $1,060,750 and $808,252.
Sydney
After sustaining clearance rates of over 50% in recent weeks, Sydney slipped below that mark despite a decline in listings. According to Domain, there were 530 listings, 304 auctions and 207 sales, totalling $173.1 million. The median house and unit sale prices were $1,210,000 and $1,065,000. The preliminary clearance rate was 54.6%.
AMP Capital chief economist Shane Oliver expects the final clearance rate will be around 46% — lower than the previous weekend’s 55.5% where there were 589 listings, 436 auctions and 284 homes sold. Sales totalled $236.3 million and the median house and unit prices were $1,505,000 and $790,000.
In the same weekend last year, the rate was 54.7% from 759 listings, 582 auctions and 376 sales for a total of $536.7 million. The median house and unit prices were $1,555,000 and $909,000.
Meanwhile Corelogic reported 1,118 private sales last weekend across New South Wales.
Melbourne
Due to the long weekend holiday, Melbourne also had 145 auction listings and so far 94 results were reported – 53 properties sold, representing a preliminary clearance rate of 48.2%, according to Domain.
Sales totalled $26.8 million and the median house and unit prices were $728,000 and $465,500.
Oliver expects the clearance rate will be around 41% once the final results are reported. In the previous weekend, it was 47.7% from 883 listings, 810 auctions and 403 sales totalling $247.5 million. The median house and unit sale prices were $879,000 and $637,000.
In the same weekend last year, the rate was 62% from 327 listings, 283 auctions and 184 sales totalling $144.7 million with median house and unit sale prices of $760,500 and $607,500.
The REIV reported a 54% clearance rate last weekend from 141 auctions and 76 sales totalling $51.26 million, while 65 homes were passed in – 28 on a vendor bid.
The clearance rate was 57% from 879 auctions in the previous weekend, and 69% from 354 auctions last year.
The REIV also recorded 135 private sales totalling $86 million.
Canberra
The ACT market also took a holiday last weekend. According to Domain, there were 24 listings, 14 homes were auctioned and five sold under the hammer, totalling $1,522,500. The clearance rate was only 28%.
Corelogic reported a 38% rate from 36 listings, 24 auctions and nine sales, while 15 properties were passed in. The private sales market recorded 67 transactions.
Brisbane
Brisbane reported a 43% clearance rate last weekend. According to Domain, there were 86 listings, 42 auctions and 20 homes sold totalling $14,292,500. The median sale price was $758,000.
Across Queensland the clearance rate was 38%, according to Corelogic. Of the 198 listings, 112 auctions were held resulting in 43 sales, but 63 homes were passed in. There were also 746 private sales.
Adelaide
Adelaide also had a long weekend holiday, as a result there were only 38 listings. Domain reported 22 auctions and 12 sales totalling $7,572,500. The clearance rate was 46%.
Across the state, Corelogic recorded a 56% rate from 73 listings, 48 auctions and 27 properties sold while 18 were passed in. At the same time, there were 219 private sales.
Perth
Last weekend in Western Australia, a 31% clearance rate was recorded. Of the 52 properties listed, 26 auctions were held and eight sold while 18 were passed in. According to Corelogic, there were also 263 private sales.
Hobart
Tasmania did not report any auctions last weekend, however there were 176 private sales, according to Corelogic.
Darwin
The Northern Territory delivered a 50% clearance rate from three listings, two auctions and one sale, according to Corelogic. There were also eight homes that sold privately.
| Auction highlights this week Saturday, 9 March 2019 (Source: Domain) | ||
| City | Location | Value Sold |
| Most expensive | ||
| Sydney | 20 Larkin St, Waverton NSW 2060, 4 br House, Di Jones Lower North Shore Neutral Bay | $6,150,000 |
| Melbourne | 6 Vautier St, Elwood VIC 3184, 4 br House, Chisholm & Gamon Property – Elwood | $2,555,000 |
| Adelaide | 21a North Esp, Glenelg North SA 5045, 3 br House, Bernard H Booth | $1,815,000 |
| Brisbane | 14 Duke St, Bulimba QLD 4171, 6 br House, Belle Property – Bulimba | $2,275,000 |
| Canberra | 36 Don Dunstan Dr, Bonython ACT 2905, 4 br House, LJH Tuggeranong | $840,000 |
| Most affordable | ||
| Sydney | 3/9-15 Foss St, Forest Lodge NSW 2037, 0 br Unit, Belle Property Annandale | $400,000 |
| Melbourne | 1/286 Camp Rd, Broadmeadows VIC 3047, 2 br Unit, RW Glenroy | $305,000 |
| Adelaide | 31 Fortrose Av, Seaton SA 5023, 3 br House, Gary J Smith Plympton | $560,500 |
| Brisbane | 16 Quarrian Cr, Beenleigh QLD 4207, 4 br House, Century21 M1 | $275,000 |
| Canberra | 11 Osmand St, Wanniassa ACT 2903, 4 br House, Civium Property Group – Projects | $682,500 |
Australian Property Journal
